Biocon Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Biocon's Q2 FY26 showed strong performance, with group operating revenue up 20% YoY to INR 4,296 Cr, driven by Biosimilars (+25%) and Generics (+24%). Core EBITDA rose 23% to INR 1,218 Cr, with margins at 28%. Debt reduction is underway, with Goldman Sachs and Kotak obligations settled, expecting INR 300 Cr annual interest savings from FY27. Five biosimilar launches were reported, including bUstekinumab, bAspart, bBevacizumab, bAflibercept, with bDenosumab imminent. Management is confident in expanding the portfolio, leveraging the FDA's revised guidelines for faster development, and seizing global insulin and GLP-1 opportunities. The geographic mix for biosimilars remains balanced.